LONDON, Oct 5 (Reuters) – Britain’s finance ministry said it
will sell at least 2 billion pounds ($3 billion) worth of shares
in Lloyds Banking Group to private retail investors in
spring 2016 to return the bank to full private ownership.
The sale is set to be the biggest privatisation in Britain
since the 1980s, when Margaret Thatcher’s government sold 3.9
billion pounds worth of shares in British Telecom and 5.6
billion pounds worth of British Gas shares.
LONDON, Sept 28 (Reuters) – Shareholder advisory firm Hermes
EOS said on Monday it has “real doubts” about whether
Volkswagen’s main stakeholders recognise the need for
fundamental reform at the company, as the carmaker deals with an
Volkswagen faces paying out billions of dollars in fines and
compensation after it admitted rigging tests on some of its
diesel cars to make them appear cleaner, prompting Chief
Executive Martin Winterkorn to resign.
LONDON (Reuters) – Thousands of jobs cuts, business closures and billions of euros of capital raising are all on the cards as the new bosses of three of Europe’s biggest banks respond to pressure to devise new strategies to revive them.
Credit Suisse (CSGN.VX: Quote, Profile, Research, Stock Buzz) Chief Executive Tidjane Thiam, Deutsche Bank’s (DBKGn.DE: Quote, Profile, Research, Stock Buzz) John Cryan and Standard Chartered’s (STAN.L: Quote, Profile, Research, Stock Buzz) Bill Winters are putting the final touches to their plans, which Thiam and Cryan will unveil next month and Winters is expected to deliver in early December.
LONDON, Sept 25 (Reuters) – The rush by VW’s
boss to quit because of the emissions scandal has drawn
criticism from some of the company’s leading investors, who
expect more bad news that could damage Martin Winterkorn’s
Winterkorn resigned days after VW admitted to U.S.
authorities that diesel car test results were rigged, sending
its shares sliding as markets bet the firm would be hit with
billions of dollars in fines.
LONDON, Sept 24 (Reuters) – European shareholders in
Volkswagen are considering claiming damages from the
German car maker after it admitted rigging U.S. diesel emissions
tests in a scandal that has wiped around $25 billion off its
Investors as well as car owners, who bought VW vehicles on
the basis of false emissions information, are examining their
rights as the once-venerable company battles a crisis that casts
fresh doubt on the integrity of the entire auto industry.
LONDON, Sept 18 (Reuters) – Rebel investor Edward Bramson is
making a renewed attempt to shake up the management of Electra
Private Equity, less than a year after he lost a
shareholder vote to join its board.
Electra said on Friday that Bramson’s Sherborne Investors
had requested a vote on proposals to appoint the New
York-based activist and Sherborne nominee Ian Brindle, former UK
chairman of PWC, to its six-member board.
HONG KONG/LONDON Sept 2 (Reuters) – For foreign investors,
Beijing’s decision to make it easier for them to invest in
Chinese real estate is on the right track but has come at the
China announced last week that it was removing a series of
cumbersome pieces of regulation on foreign property investment
introduced in 2006 that have hindered investors from accessing
what was once viewed as one of the most attractive real estate
markets in the world.
NEW YORK/LONDON (Reuters) – Activist hedge funds have launched more non-U.S. campaigns this year than any year since the financial crisis, as managers slowly expand overseas in the face of a more challenging market at home.
Companies in Europe and Japan are attractive targets for U.S. shareholder activists seeking higher investment returns and less competition among funds that have shaken up the U.S. corporate sector.
LONDON (Reuters) – Syngenta shareholders (SYNN.VX: Quote, Profile, Research, Stock Buzz) called on the company’s board to clarify how it intends to make up billions of dollars of lost shareholder value after Monsanto Co (MON.N: Quote, Profile, Research, Stock Buzz) ditched its $47 billion bid for the Swiss group.
“What I am looking for now is what Syngenta has to say. Now we need the board and the management to explain their Plan B,” said Pauline McPherson, co-fund manager of Kames Capital’s global equity fund, which holds Syngenta stock.
LONDON (Reuters) – Fund managers keen to attract more cash from Britain’s “can’t save, won’t save” Millennials are experimenting with more consumer-friendly business models, in moves that could transform the industry’s image of overcharging for mediocre performance.
Money managers have faced stinging criticism in recent months for complicated and expensive fee structures, that critics say create a disincentive to saving for those starting jobs since the turn of the century.